Almarai profit rises 27% to SAR 1.19 bln in H1; Q2 up 7% to SAR 557.1 mln

16/07/2023 Argaam Exclusive

Almarai Co. reported a net profit of SAR 1.19 billion in H1 2023, up 27%, compared to SAR 940.8 million a year earlier.   



Financials (Million Riyal)

Item 6m 2022 6m 2023 Change‬
Revenues 9,113.90 9,858.91 8.2 %
Gross Income 2,801.52 3,184.93 13.7 %
Operating Income 1,249.53 1,573.15 25.9 %
Net Income 940.82 1,192.14 26.7 %
Average Shares 1,000.00 1,000.00 -
Earnings Per Share before unusual items (Riyals) 0.94 1.19 26.7 %
EPS (Riyal) 0.94 1.19 26.7 %

The higher earnings were driven by an 8% rise year-on-year (YoY) in revenue and a 27% increase YoY in operating profit. The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs.  

  

The company’s Q2 2023 net profit rose 7% to SAR 557.1 million, compared to SAR 520.36 million in the year-earlier period, spurred by 4% higher revenue YoY, an increase of 11% YoY in operating profit, and a 7% rise YoY in net profit attributable to shareholders.   



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 4,610.45 4,792.35 3.9 %
Gross Income 1,469.61 1,567.08 6.6 %
Operating Income 680.00 757.30 11.4 %
Net Income 520.36 557.08 7.1 %
Average Shares 1,000.00 1,000.00 -
Earnings Per Share before unusual items (Riyal) 0.52 0.56 7.1 %
EPS (Riyal) 0.52 0.56 7.1 %

Sequentially, Q2 2023 earnings dropped 12.3% from SAR 635.06 million due to a seasonal change in consumption patterns. In addition, the first 10 days of Ramadan fell in the previous quarter.  

 

Total shareholders’ equity, excluding minority interest, reached SAR 16.81 billion as of June 30, 2023, compared to SAR 15.83 billion a year earlier.   

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Share Price

Almarai Co.
45.20
0.14 0.31 %

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Financial Ratios
Current
Market Cap (M Riyal) 45,200.00
Enterprise Value (EV) (M Riyal) 58,670.53
Shares Outstanding ((M)) 1,000.00
Recurring EPS ( Riyal) (TTM) 2.42
Book Value (BV) ( Riyal) 21.33
Par Value ( Riyal) 10.00
Recurring P/E (TTM) 18.69
P/E (TTM) 18.45
Price/book 2.12
Dividend Yield (%) (Last Year) 2.54
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 11.8
EV/adj EBITDA 10.15
EV/Revenues 2.48
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Financial results (Million Riyal)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2003 - - - - - -
Q2 2003 - - - - - -
Q3 2003 - - - - - -
Q4 2003 - - - - - -
Q1 2004 443.53 - 173.00 - 80.83 -
Q2 2004 463.49 - 190.21 - 104.61 -
Q3 2004 473.60 - 200.59 - 111.62 -
Q4 2004 504.49 - 194.72 - 99.57 -
Q1 2005 472.59 6.6 % 183.62 6.1 % 88.33 9.3 %
Q2 2005 522.18 12.7 % 211.39 11.1 % 112.27 7.3 %
Q3 2005 547.64 15.6 % 222.79 11.1 % 114.58 2.7 %
Q4 2005 603.71 19.7 % 228.98 17.6 % 116.72 17.2 %
Q1 2006 621.47 31.5 % 226.70 23.5 % 106.94 21.1 %
Q2 2006 700.66 34.2 % 272.62 29.0 % 138.62 23.5 %
Q3 2006 717.13 31.0 % 284.27 27.6 % 140.83 22.9 %
Q4 2006 717.68 18.9 % 291.10 27.1 % 148.34 27.1 %
Q1 2007 806.93 29.8 % 311.69 37.5 % 144.59 35.2 %
Q2 2007 905.74 29.3 % 371.16 36.1 % 191.13 37.9 %
Q3 2007 1,012.39 41.2 % 416.51 46.5 % 222.57 58.0 %
Q4 2007 1,044.77 45.6 % 393.98 35.3 % 222.45 50.0 %
Q1 2008 1,119.07 38.7 % 416.26 33.5 % 194.46 34.5 %
Q2 2008 1,247.52 37.7 % 514.53 38.6 % 273.22 42.9 %
Q3 2008 1,388.53 37.2 % 572.86 37.5 % 328.49 47.6 %
Q4 2008 1,274.78 22.0 % 495.31 25.7 % 264.80 19.0 %
Q1 2009 1,326.08 18.5 % 508.25 22.1 % 248.22 27.6 %
Q2 2009 1,447.12 16.0 % 591.31 14.9 % 335.39 22.8 %
Q3 2009 1,547.44 11.4 % 697.63 21.8 % 413.86 26.0 %
Q4 2009 1,548.17 21.4 % 568.61 14.8 % 281.45 6.3 %
Q1 2010 1,559.49 17.6 % 570.03 12.2 % 278.17 12.1 %
Q2 2010 1,738.87 20.2 % 701.13 18.6 % 387.66 15.6 %
Q3 2010 1,833.74 18.5 % 796.45 14.2 % 474.49 14.7 %
Q4 2010 1,798.82 16.2 % 668.31 17.5 % 320.39 13.8 %
Q1 2011 1,743.57 11.8 % 634.15 11.2 % 291.47 4.8 %
Q2 2011 2,012.85 15.8 % 776.81 10.8 % 405.76 4.7 %
Q3 2011 2,105.28 14.8 % 861.72 8.2 % 477.01 0.5 %
Q4 2011 2,089.29 16.1 % 723.84 8.3 % 343.38 7.2 %
Q1 2012 2,040.35 17.0 % 707.30 11.5 % 292.46 0.3 %
Q2 2012 2,524.14 25.4 % 921.72 18.7 % 434.58 7.1 %
Q3 2012 2,672.99 27.0 % 1,012.19 17.5 % 508.59 6.6 %
Q4 2012 2,645.52 26.6 % 869.87 20.2 % 437.30 27.4 %
Q1 2013 2,411.03 18.2 % 827.80 17.0 % 300.84 2.9 %
Q2 2013 2,873.88 13.9 % 1,034.49 12.2 % 483.97 11.4 %
Q3 2013 2,926.09 9.5 % 1,104.95 9.2 % 553.63 8.9 %
Q4 2013 3,008.18 13.7 % 995.50 14.4 % 458.17 4.8 %
Q1 2014 2,718.92 12.8 % 918.95 11.0 % 313.29 4.1 %
Q2 2014 3,286.52 14.4 % 1,149.16 11.1 % 516.01 6.6 %
Q3 2014 3,269.37 11.7 % 1,390.72 25.9 % 644.74 16.5 %
Q4 2014 3,330.76 10.7 % 1,133.79 13.9 % 523.58 14.3 %
Q1 2015 3,037.31 11.7 % 1,110.34 20.8 % 378.09 20.7 %
Q2 2015 3,649.52 11.0 % 1,388.04 20.8 % 638.75 23.8 %
Q3 2015 3,523.58 7.8 % 1,446.52 4.0 % 672.71 4.3 %
Q4 2015 3,584.20 7.6 % 1,338.37 18.0 % 572.51 9.3 %
Q1 2016 3,373.79 11.1 % 1,127.55 1.5 % 383.35 1.4 %
Q2 2016 3,925.89 7.6 % 1,520.89 9.6 % 771.01 20.7 %
Q3 2016 3,530.34 0.2 % 1,485.41 2.7 % 745.39 10.8 %
Q4 2016 3,508.56 (2.1 %) 1,388.64 3.8 % 709.42 23.9 %
Q1 2017 3,383.53 0.3 % 1,177.43 4.4 % 466.89 21.8 %
Q2 2017 3,760.36 (4.2 %) 1,554.93 2.2 % 833.09 8.1 %
Q3 2017 3,372.92 (4.5 %) 1,516.00 2.1 % 834.11 11.9 %
Q4 2017 3,418.73 (2.6 %) 1,335.27 (3.8 %) 709.16 0.0 %
Q1 2018 3,232.21 (4.5 %) 1,254.43 6.5 % 563.11 20.6 %
Q2 2018 3,672.33 (2.3 %) 1,448.45 (6.8 %) 791.74 (5.0 %)
Q3 2018 3,317.36 (1.6 %) 1,399.20 (7.7 %) 780.43 (6.4 %)
Q4 2018 3,381.18 (1.1 %) 1,262.94 (5.4 %) 629.06 (11.3 %)
Q1 2019 3,308.89 2.4 % 1,163.91 (7.2 %) 504.61 (10.4 %)
Q2 2019 3,767.42 2.6 % 1,466.22 1.2 % 780.48 (1.4 %)
Q3 2019 3,573.26 7.7 % 1,443.77 3.2 % 770.15 (1.3 %)
Q4 2019 3,703.94 9.5 % 1,293.51 2.4 % 533.32 (15.2 %)
Q1 2020 3,592.44 8.6 % 1,253.19 7.7 % 513.26 1.7 %
Q2 2020 4,081.84 8.3 % 1,535.19 4.7 % 790.40 1.3 %
Q3 2020 3,863.08 8.1 % 1,514.70 4.9 % 789.70 2.5 %
Q4 2020 3,819.59 3.1 % 1,232.43 (4.7 %) 507.41 (4.9 %)
Q1 2021 3,645.01 1.5 % 1,235.11 (1.4 %) 533.57 4.0 %
Q2 2021 4,005.57 (1.9 %) 1,355.74 (11.7 %) 621.55 (21.4 %)
Q3 2021 3,941.73 2.0 % 1,275.71 (15.8 %) 537.89 (31.9 %)
Q4 2021 4,257.41 11.5 % 1,192.71 (3.2 %) 407.41 (19.7 %)
Q1 2022 4,503.46 23.6 % 1,331.92 7.8 % 569.54 6.7 %
Q2 2022 4,610.45 15.1 % 1,469.61 8.4 % 680.00 9.4 %
Q3 2022 4,769.12 21.0 % 1,488.72 16.7 % 678.98 26.2 %
Q4 2022 4,839.23 13.7 % 1,333.99 11.8 % 501.18 23.0 %
Q1 2023 5,066.56 12.5 % 1,617.85 21.5 % 815.86 43.2 %
Q2 2023 4,792.35 3.9 % 1,567.08 6.6 % 757.30 11.4 %


Profit Performance (Million Riyal)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2003 - - - - - -
Q2 2003 - - - - - -
Q3 2003 - - - - - -
Q4 2003 - - - - - -
Q1 2004 75.08 - 0.09 - 75.08 0.09
Q2 2004 99.85 - 0.11 - 99.85 0.11
Q3 2004 100.84 - 0.12 - 108.49 0.12
Q4 2004 94.53 - 0.11 - 94.53 0.11
Q1 2005 77.96 3.8 % 0.09 - 77.96 0.09
Q2 2005 100.33 0.5 % 0.12 - 100.33 0.12
Q3 2005 100.88 0.0 % 0.12 - 100.88 0.12
Q4 2005 106.93 13.1 % 0.12 - 106.93 0.12
Q1 2006 90.59 16.2 % 0.10 - 90.59 0.10
Q2 2006 121.79 21.4 % 0.14 - 121.79 0.14
Q3 2006 122.56 21.5 % 0.14 - 122.56 0.14
Q4 2006 129.79 21.4 % 0.15 - 129.79 0.15
Q1 2007 122.84 35.6 % 0.13 - 122.84 0.13
Q2 2007 165.28 35.7 % 0.17 - 165.28 0.17
Q3 2007 186.06 51.8 % 0.20 - 186.06 0.20
Q4 2007 193.09 48.8 % 0.20 - 193.09 0.20
Q1 2008 162.20 32.0 % 0.17 - 162.20 0.17
Q2 2008 235.23 42.3 % 0.25 - 235.23 0.25
Q3 2008 293.68 57.8 % 0.31 - 293.68 0.31
Q4 2008 219.16 13.5 % 0.23 - 219.16 0.23
Q1 2009 197.37 21.7 % 0.21 - 197.37 0.21
Q2 2009 287.10 22.0 % 0.30 - 287.10 0.30
Q3 2009 363.43 23.8 % 0.38 - 363.43 0.38
Q4 2009 248.82 13.5 % 0.26 - 248.82 0.26
Q1 2010 234.10 18.6 % 0.23 - 234.10 0.23
Q2 2010 343.06 19.5 % 0.34 - 343.06 0.34
Q3 2010 424.51 16.8 % 0.42 - 424.51 0.42
Q4 2010 283.76 14.0 % 0.28 - 283.76 0.28
Q1 2011 235.25 0.5 % 0.24 - 235.25 0.24
Q2 2011 349.26 1.8 % 0.35 - 349.26 0.35
Q3 2011 429.70 1.2 % 0.43 - 429.70 0.43
Q4 2011 125.31 (55.8 %) 0.13 (160.24) 285.55 0.29
Q1 2012 242.12 2.9 % 0.24 - 242.12 0.24
Q2 2012 379.52 8.7 % 0.38 - 379.52 0.38
Q3 2012 449.97 4.7 % 0.45 - 449.97 0.45
Q4 2012 369.03 194.5 % 0.37 - 369.03 0.37
Q1 2013 255.09 5.4 % 0.26 - 255.09 0.26
Q2 2013 398.23 4.9 % 0.40 - 398.23 0.40
Q3 2013 475.62 5.7 % 0.48 - 475.62 0.48
Q4 2013 373.27 1.2 % 0.37 - 373.27 0.37
Q1 2014 273.58 7.2 % 0.27 20.90 252.68 0.25
Q2 2014 433.29 8.8 % 0.43 - 433.29 0.43
Q3 2014 539.44 13.4 % 0.54 - 539.44 0.54
Q4 2014 428.03 14.7 % 0.43 - 428.03 0.43
Q1 2015 306.48 12.0 % 0.31 - 306.48 0.31
Q2 2015 530.42 22.4 % 0.53 (79.17) 609.58 0.61
Q3 2015 595.12 10.3 % 0.60 - 595.12 0.60
Q4 2015 483.68 13.0 % 0.48 (19.85) 503.53 0.50
Q1 2016 288.66 (5.8 %) 0.29 - 288.66 0.29
Q2 2016 658.38 24.1 % 0.66 - 658.38 0.66
Q3 2016 664.26 11.6 % 0.66 25.11 639.15 0.64
Q4 2016 536.49 10.9 % 0.54 (28.30) 564.79 0.56
Q1 2017 328.27 13.7 % 0.33 - 328.27 0.33
Q2 2017 674.11 2.4 % 0.67 - 674.11 0.67
Q3 2017 667.01 0.4 % 0.67 - 667.01 0.67
Q4 2017 512.89 (4.4 %) 0.51 - 512.89 0.51
Q1 2018 344.87 5.1 % 0.34 - 344.87 0.34
Q2 2018 661.39 (1.9 %) 0.66 - 661.39 0.66
Q3 2018 634.96 (4.8 %) 0.63 - 634.96 0.63
Q4 2018 370.77 (27.7 %) 0.37 (100.70) 471.47 0.47
Q1 2019 336.03 (2.6 %) 0.34 - 336.03 0.34
Q2 2019 582.53 (11.9 %) 0.58 - 582.53 0.58
Q3 2019 581.25 (8.5 %) 0.58 - 581.25 0.58
Q4 2019 311.95 (15.9 %) 0.31 - 311.95 0.31
Q1 2020 383.01 14.0 % 0.38 - 383.01 0.38
Q2 2020 643.93 10.5 % 0.64 - 643.93 0.64
Q3 2020 621.52 6.9 % 0.62 - 621.52 0.62
Q4 2020 335.90 7.7 % 0.34 20.85 315.06 0.32
Q1 2021 385.95 0.8 % 0.39 - 385.95 0.39
Q2 2021 481.98 (25.2 %) 0.48 - 481.98 0.48
Q3 2021 409.09 (34.2 %) 0.41 - 409.09 0.41
Q4 2021 286.53 (14.7 %) 0.29 - 286.53 0.29
Q1 2022 420.46 8.9 % 0.42 - 420.46 0.42
Q2 2022 520.36 8.0 % 0.52 - 520.36 0.52
Q3 2022 463.17 13.2 % 0.46 (82.92) 546.09 0.55
Q4 2022 355.82 24.2 % 0.36 - 355.82 0.36
Q1 2023 635.06 51.0 % 0.64 - 635.06 0.64
Q2 2023 557.08 7.1 % 0.56 - 557.08 0.56

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 - - -
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 40.24 % 27.77 % 20.05 %
Q1 2005 40.18 % 27.20 % 19.90 %
Q2 2005 40.06 % 27.06 % 19.33 %
Q3 2005 39.70 % 26.05 % 18.26 %
Q4 2005 39.46 % 26.04 % 17.99 %
Q1 2006 38.77 % 25.85 % 17.37 %
Q2 2006 38.45 % 25.74 % 16.99 %
Q3 2006 38.31 % 25.38 % 16.72 %
Q4 2006 38.98 % 25.70 % 16.86 %
Q1 2007 39.41 % 25.92 % 16.89 %
Q2 2007 39.98 % 27.32 % 17.17 %
Q3 2007 40.39 % 28.53 % 17.54 %
Q4 2007 39.61 % 29.08 % 17.70 %
Q1 2008 39.15 % 28.79 % 17.31 %
Q2 2008 39.36 % 28.40 % 17.55 %
Q3 2008 39.53 % 28.73 % 18.42 %
Q4 2008 39.74 % 25.34 % 18.10 %
Q1 2009 39.93 % 24.95 % 18.05 %
Q2 2009 39.87 % 26.48 % 18.34 %
Q3 2009 40.97 % 24.82 % 19.07 %
Q4 2009 40.31 % 26.70 % 18.69 %
Q1 2010 39.78 % 26.57 % 18.57 %
Q2 2010 39.68 % 25.16 % 18.60 %
Q3 2010 39.46 % 27.32 % 18.72 %
Q4 2010 39.47 % 27.21 % 18.55 %
Q1 2011 39.35 % 26.97 % 18.08 %
Q2 2011 38.92 % 26.49 % 17.50 %
Q3 2011 38.39 % 25.84 % 16.94 %
Q4 2011 37.69 % 25.62 % 16.35 %
Q1 2012 37.22 % 25.26 % 15.84 %
Q2 2012 36.70 % 26.67 % 15.26 %
Q3 2012 36.08 % 26.90 % 14.55 %
Q4 2012 35.53 % 27.71 % 14.58 %
Q1 2013 35.42 % 28.17 % 14.18 %
Q2 2013 35.31 % 27.64 % 13.89 %
Q3 2013 35.34 % 27.93 % 13.80 %
Q4 2013 35.32 % 27.87 % 13.39 %
Q1 2014 35.17 % 27.75 % 13.01 %
Q2 2014 34.91 % 27.35 % 12.86 %
Q3 2014 36.26 % 27.32 % 13.02 %
Q4 2014 36.43 % 27.38 % 13.12 %
Q1 2015 37.02 % 27.31 % 13.21 %
Q2 2015 37.80 % 27.58 % 14.18 %
Q3 2015 37.51 % 27.73 % 14.32 %
Q4 2015 38.30 % 27.91 % 14.61 %
Q1 2016 37.51 % 27.63 % 14.13 %
Q2 2016 37.71 % 28.38 % 14.20 %
Q3 2016 37.96 % 29.09 % 14.50 %
Q4 2016 38.51 % 30.87 % 15.00 %
Q1 2017 38.84 % 31.68 % 15.27 %
Q2 2017 39.53 % 32.67 % 15.56 %
Q3 2017 40.19 % 34.21 % 15.93 %
Q4 2017 40.07 % 34.18 % 15.66 %
Q1 2018 41.07 % 35.75 % 15.95 %
Q2 2018 40.55 % 36.32 % 15.96 %
Q3 2018 39.86 % 36.36 % 15.79 %
Q4 2018 39.44 % 36.05 % 15.53 %
Q1 2019 38.56 % 35.36 % 15.38 %
Q2 2019 38.42 % 34.75 % 14.70 %
Q3 2019 38.04 % 33.87 % 14.05 %
Q4 2019 37.39 % 33.18 % 12.62 %
Q1 2020 37.28 % 32.63 % 12.70 %
Q2 2020 36.96 % 32.11 % 12.84 %
Q3 2020 36.72 % 31.84 % 12.86 %
Q4 2020 36.05 % 30.84 % 12.79 %
Q1 2021 35.81 % 31.08 % 12.76 %
Q2 2021 34.81 % 30.08 % 11.77 %
Q3 2021 33.08 % 28.17 % 10.33 %
Q4 2021 31.92 % 26.91 % 9.86 %
Q1 2022 30.86 % 25.81 % 9.56 %
Q2 2022 30.44 % 25.38 % 9.45 %
Q3 2022 30.23 % 25.12 % 9.78 %
Q4 2022 30.04 % 25.87 % 9.84 %
2022 30.04 % 25.87 % 9.84 %
Q1 2023 30.65 % 26.64 % 10.67 %
Q2 2023 30.86 % 26.93 % 10.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2003 - - - -
Q2 2003 - - - -
Q3 2003 - - - -
Q4 2003 - - - -
Q1 2004 869.57 - - 1.49
Q2 2004 869.57 - - 1.26
Q3 2004 869.57 - - 1.38
Q4 2004 869.57 0.43 0.43 1.49
Q1 2005 869.57 0.43 0.44 1.29
Q2 2005 869.57 0.43 0.44 1.40
Q3 2005 869.57 0.43 0.43 1.52
Q4 2005 869.57 0.44 0.44 1.64
Q1 2006 869.57 0.46 0.46 1.75
Q2 2006 869.57 0.48 0.48 1.89
Q3 2006 869.57 0.51 0.51 2.03
Q4 2006 869.57 0.53 0.53 2.18
Q1 2007 947.83 0.52 0.52 2.66
Q2 2007 947.83 0.57 0.57 2.83
Q3 2007 947.83 0.64 0.64 3.03
Q4 2007 947.83 0.70 0.70 3.22
Q1 2008 947.83 0.75 0.75 3.45
Q2 2008 947.83 0.82 0.82 3.91
Q3 2008 947.83 0.93 0.93 3.94
Q4 2008 947.83 0.96 0.96 3.82
Q1 2009 960.87 0.98 0.98 3.60
Q2 2009 960.87 1.04 1.04 4.04
Q3 2009 960.87 1.11 1.11 4.37
Q4 2009 960.87 1.14 1.14 5.38
Q1 2010 1,000.00 1.13 1.13 5.58
Q2 2010 1,000.00 1.19 1.19 5.37
Q3 2010 1,000.00 1.25 1.25 5.88
Q4 2010 1,000.00 1.29 1.29 6.13
Q1 2011 1,000.00 1.29 1.29 6.40
Q2 2011 1,000.00 1.29 1.29 6.19
Q3 2011 1,000.00 1.30 1.30 6.46
Q4 2011 1,000.00 1.14 1.30 6.72
Q1 2012 1,000.00 1.15 1.31 7.18
Q2 2012 1,000.00 1.18 1.34 6.87
Q3 2012 1,000.00 1.20 1.36 7.26
Q4 2012 1,000.00 1.44 1.44 7.55
Q1 2013 1,000.00 1.45 1.45 7.76
Q2 2013 1,000.00 1.47 1.47 7.66
Q3 2013 1,000.00 1.50 1.50 8.07
Q4 2013 1,000.00 1.50 1.50 8.44
Q1 2014 1,000.00 1.52 1.50 8.76
Q2 2014 1,000.00 1.56 1.53 8.53
Q3 2014 1,000.00 1.62 1.60 8.99
Q4 2014 1,000.00 1.67 1.65 9.19
Q1 2015 1,000.00 1.71 1.71 9.37
Q2 2015 1,000.00 1.80 1.88 9.62
Q3 2015 1,000.00 1.86 1.94 9.99
Q4 2015 1,000.00 1.92 2.01 10.36
Q1 2016 1,000.00 1.90 2.00 10.51
Q2 2016 1,000.00 2.03 2.05 10.42
Q3 2016 1,000.00 2.09 2.09 11.08
Q4 2016 1,000.00 2.15 2.15 11.36
Q1 2017 1,000.00 2.19 2.19 11.01
Q2 2017 1,000.00 2.20 2.21 11.66
Q3 2017 1,000.00 2.21 2.23 12.26
Q4 2017 1,000.00 2.18 2.18 12.78
Q1 2018 1,000.00 2.20 2.20 13.11
Q2 2018 1,000.00 2.19 2.19 12.87
Q3 2018 1,000.00 2.15 2.15 13.39
Q4 2018 1,000.00 2.01 2.11 13.88
Q1 2019 1,000.00 2.00 2.10 14.24
Q2 2019 1,000.00 1.92 2.02 14.00
Q3 2019 1,000.00 1.87 1.97 14.58
Q4 2019 1,000.00 1.81 1.81 14.65
Q1 2020 1,000.00 1.86 1.86 14.72
Q2 2020 1,000.00 1.92 1.92 14.60
Q3 2020 1,000.00 1.96 1.96 15.33
Q4 2020 1,000.00 1.98 1.96 15.69
Q1 2021 1,000.00 1.99 1.97 16.07
Q2 2021 1,000.00 1.83 1.80 15.46
Q3 2021 1,000.00 1.61 1.59 15.86
Q4 2021 1,000.00 1.56 1.56 16.12
Q1 2022 1,000.00 1.60 1.60 16.32
Q2 2022 1,000.00 1.64 1.64 15.84
Q3 2022 1,000.00 1.69 1.77 16.27
Q4 2022 1,000.00 1.76 1.84 16.67
Q1 2023 1,000.00 1.97 2.06 17.24
Q2 2023 1,000.00 2.01 2.09 16.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 - - -
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 35.32 35.32 9.99
Q4 2005 46.80 46.80 12.65
Q1 2006 38.97 38.97 10.23
Q2 2006 40.46 40.46 10.36
Q3 2006 29.87 29.87 7.48
Q4 2006 17.26 17.26 4.23
Q1 2007 17.26 17.26 3.40
Q2 2007 19.24 19.24 3.88
Q3 2007 16.33 16.33 3.44
Q4 2007 20.68 20.68 4.52
Q1 2008 22.84 22.84 4.94
Q2 2008 24.67 24.67 5.17
Q3 2008 19.43 19.43 4.60
Q4 2008 17.73 17.73 4.46
Q1 2009 18.63 18.63 5.16
Q2 2009 18.00 18.00 4.69
Q3 2009 18.36 18.36 4.73
Q4 2009 17.34 17.34 3.53
Q1 2010 19.60 19.60 3.98
Q2 2010 18.48 18.48 4.09
Q3 2010 18.64 18.64 3.97
Q4 2010 20.03 20.03 4.20
Q1 2011 17.11 17.11 3.44
Q2 2011 16.85 16.85 3.52
Q3 2011 15.27 15.27 3.07
Q4 2011 20.03 17.56 3.40
Q1 2012 23.02 20.20 3.68
Q2 2012 21.89 19.27 3.75
Q3 2012 23.45 20.68 3.87
Q4 2012 17.67 17.67 3.37
Q1 2013 18.55 18.55 3.48
Q2 2013 19.13 19.13 3.68
Q3 2013 21.99 21.99 4.08
Q4 2013 21.02 21.02 3.74
Q1 2014 25.51 25.87 4.43
Q2 2014 27.08 27.45 4.94
Q3 2014 29.93 30.32 5.39
Q4 2014 27.56 27.91 5.02
Q1 2015 30.66 30.66 5.59
Q2 2015 29.98 28.72 5.62
Q3 2015 27.25 26.13 5.07
Q4 2015 24.57 23.36 4.54
Q1 2016 22.12 21.02 3.99
Q2 2016 21.60 21.39 4.20
Q3 2016 20.28 20.33 3.83
Q4 2016 25.51 25.47 4.82
Q1 2017 25.80 25.76 5.13
Q2 2017 35.02 34.97 6.62
Q3 2017 25.87 25.54 4.65
Q4 2017 24.63 24.63 4.20
Q1 2018 25.19 25.19 4.22
Q2 2018 27.63 27.63 4.69
Q3 2018 23.17 23.17 3.73
Q4 2018 23.86 22.72 3.46
Q1 2019 27.46 26.14 3.86
Q2 2019 27.80 26.42 3.82
Q3 2019 26.60 25.24 3.41
Q4 2019 27.32 27.32 3.38
Q1 2020 25.29 25.29 3.19
Q2 2020 26.98 26.98 3.55
Q3 2020 26.98 26.98 3.45
Q4 2020 27.67 27.96 3.50
Q1 2021 26.17 26.44 3.24
Q2 2021 34.73 35.13 4.10
Q3 2021 35.96 36.43 3.66
Q4 2021 31.18 31.18 3.02
Q1 2022 32.04 32.04 3.14
Q2 2022 32.02 32.02 3.31
Q3 2022 31.47 30.00 3.27
Q4 2022 30.40 29.03 3.21
Q1 2023 28.57 27.41 3.27
Q2 2023 30.18 28.99 3.61

Business Segments (Million Riyal)

Compared With The
Period Dairy & Juice Protein Bakeries Productions Other Arable and Horticulture
Q1 2007 719.26 - 87.68 - -
Q2 2007 814.17 - 91.57 - -
Q3 2007 917.02 - 95.37 - -
Q4 2007 950.59 - 94.19 - -
Q1 2008 1,015.44 - 103.62 - -
Q2 2008 1,111.43 - 136.09 - -
Q3 2008 1,247.44 - 141.09 - -
Q4 2008 1,140.78 - 134.00 - -
Q1 2009 1,191.73 - 134.35 - -
Q2 2009 1,286.67 - 160.45 - -
Q3 2009 1,394.68 - 152.76 - -
Q4 2009 1,304.66 44.50 170.55 - 28.46
Q1 2010 1,341.86 35.96 178.26 - 3.42
Q2 2010 1,455.52 42.24 216.58 - 24.54
Q3 2010 1,578.11 49.87 202.10 - 3.65
Q4 2010 1,510.39 48.07 224.28 - 16.09
Q1 2011 1,467.84 63.47 211.39 - 0.88
Q2 2011 1,658.98 81.66 249.07 - 23.14
Q3 2011 1,777.55 75.03 228.42 - 24.28
Q4 2011 1,688.44 99.05 277.49 - 24.31
Q1 2012 1,635.68 95.40 293.54 - 15.73
Q2 2012 2,031.54 119.06 324.96 - 48.58
Q3 2012 2,203.10 127.43 302.85 - 39.61
Q4 2012 2,102.29 162.46 369.30 0.08 11.39
Q1 2013 1,901.16 162.12 340.90 6.85 -
Q2 2013 2,209.27 202.71 369.48 92.41 -
Q3 2013 2,354.11 212.94 324.76 34.29 -
Q4 2013 2,371.27 214.56 409.97 12.37 -
Q1 2014 2,125.60 211.10 373.32 8.91 -
Q2 2014 2,547.67 250.35 399.27 89.24 -
Q3 2014 2,603.15 273.64 365.99 26.59 -
Q4 2014 2,625.49 287.67 394.33 23.27 -
Q1 2015 2,353.44 308.98 355.53 19.36 -
Q2 2015 2,869.02 313.95 396.35 70.21 -
Q3 2015 2,756.98 314.83 399.51 52.27 -
Q4 2015 2,761.46 324.49 474.46 23.79 -
Q1 2016 2,577.33 320.83 452.27 23.36 -
Q2 2016 3,054.66 365.77 458.22 47.25 -
Q3 2016 2,722.80 277.65 467.02 62.87 -
Q4 2016 2,606.53 367.26 503.28 31.48 -
Q1 2017 2,494.13 356.37 468.91 64.13 -
Q2 2017 2,920.95 387.41 434.61 17.39 -
Q3 2017 2,570.11 328.31 436.67 37.83 -
Q4 2017 2,525.29 391.54 466.90 35.00 -
Q1 2018 2,356.95 420.64 405.47 49.15 -
Q3 2018 2,405.25 453.37 411.60 47.14 -
Q4 2018 2,404.97 491.69 446.89 37.63 -
Q1 2019 2,333.97 499.50 421.07 54.35 -
Q2 2019 2,782.58 527.14 394.60 60.88 -
Q3 2019 2,552.86 488.96 454.50 76.94 -
Q4 2019 2,540.58 608.99 479.13 75.24 -
Q1 2020 2,520.12 558.39 432.81 81.12 -
Q2 2020 2,966.24 614.62 424.22 76.77 -
Q3 2020 2,770.35 524.75 419.21 148.77 -
Q4 2020 2,666.97 595.02 435.72 121.87 -
Q1 2021 2,581.48 551.84 391.09 120.61 -
Q2 2021 2,895.63 566.18 400.92 142.84 -
Q3 2021 2,720.65 541.62 467.39 212.07 -
Q4 2021 2,943.57 641.81 529.47 142.55 -
Q1 2022 3,116.25 659.47 571.28 156.47 -
Q2 2022 3,136.00 736.35 567.52 170.58 -
Q3 2022 3,138.72 775.78 615.90 238.71 -
Q4 2022 3,113.15 841.84 684.60 199.65 -
Q1 2023 3,448.79 848.03 622.06 147.69 -
Q2 2023 3,178.75 849.41 620.99 143.20 -

Analysts Estimates (Million Riyal)

Item Profit (Expected) Profit (Actual) Change
Average 583.04 557.08

Estimates vs Actual (Million Riyal)

Item Profit (Expected) Profit (Actual) Change‬
Goldman Sachs 560.00 557.08
EFG-Hermes 552.00 557.08
AlJazira Capital 548.70 557.08
Al Rajhi Capital 575.00 557.08
U-Capital 536.60 557.08
Riyad Capital 586.00 557.08
SNB Capital 629.00 557.08
HSBC 677.00 557.08

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